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Title: A Noobs thoughts on BTC Post by: Eebertay on April 17, 2017, 03:32:14 PM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar.
I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future. I went out and bought some BTC, ETH and LTC Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time. Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles. The only way thes bubbles will resolve is from 3 things that need to happen: -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. This would create a huge price instability, loss of public trust and then we circle back to square one. Just wanted to share my thoughts. I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc Title: Re: A Noobs thoughts on BTC Post by: Yakamoto on April 17, 2017, 03:37:36 PM You're right, however, bubbles and volatility is also a lot of what attracts investors to the market, especially whales with a lot of money to move back and forth. Day trading Bitcoin is almost a pastime for these people, and it is where the Bitcoin market gets a lot of its money from to keep the value high, assuming I understand the markets and big players correctly.
Stability is brought on by what you said, but I don't know if enough people are really interested in stability or them to want to move towards that yet. Title: Re: A Noobs thoughts on BTC Post by: unamis76 on April 17, 2017, 03:41:43 PM All 3 may survive these 10-20 years... Only thing that's almost certain in my view is if Bitcoin goes down, all others will most likely go too. For other to exist, there must be Bitcoin or anything based upon it. But nobody can make exact predictions regarding this...
I think we can consider Satoshi's coins as lost, unless found/stolen... As for others, don't forget that many people who have large holdings in Bitcoin have a vested interest in the ecosystem and/or are worried in other things beyond profit, so they can't exactly "tank" Bitcoin. Title: Re: A Noobs thoughts on BTC Post by: U2 on April 17, 2017, 03:44:34 PM Lol you believe in blockchain technology yet you bought eth. That's hilarious. They're just a centralized hard forking shitcoin. Oh no something went wrong again? More shitty code? Another hack? Hard fork the bitch again and we'll pretend it never happened. Eth is a clusterfuck. I'd stay out.
Title: Re: A Noobs thoughts on BTC Post by: coolcoinz on April 17, 2017, 03:48:42 PM I don't look into the future as far as you do. To me the important is here and now (2-3 years) and I hope my investments will bring some profits in that period.
20 years is a very long time for a technology and it will have to evolve to continue being used. I'm sure electronic payments are the future and cryptos are going to survive, but will it be Bitcoin? I doubt it. To me Bitcoin is a big truck that goes through all the mud and dirt to mark the way for new currencies that will follow. Title: Re: A Noobs thoughts on BTC Post by: Eebertay on April 17, 2017, 03:50:56 PM Lol you believe in blockchain technology yet you bought eth. That's hilarious. They're just a centralized hard forking shitcoin. Oh no something went wrong again? More shitty code? Another hack? Hard fork the bitch again and we'll pretend it never happened. Eth is a clusterfuck. I'd stay out. ETH is speculative on the grounds that it is being researched by a lot of larger companies with deep pockets and distribution channels. What else? Title: Re: A Noobs thoughts on BTC Post by: bitbunnny on April 17, 2017, 03:54:39 PM Don't look so far in the future, there is no use of it. You can't know what will happen and how the Bitcoin market will develope. Let's focus on now and maybe 2-3 years from now, everything else has no sense. Besides Bitcoin is faced with challenges and issues that should be solved now otherwise the future will not be bright.
Title: Re: A Noobs thoughts on BTC Post by: Harlot on April 17, 2017, 04:00:32 PM I think that you made a wrong thing that you split your money and invest it in all BTC,LTC, and ETH. As you must invest it in just Bitcoin in which is has the most growth potential in terms of value. Also you are right that Fiat currency being gone is not an option because it won't happen even in the future. But I don't think fiat currency being gone will be the success of Bitcoin. Bitcoin is a limited currency that is not controlled by the government, I don't think something like that can replace a fiat currency.
Title: Re: A Noobs thoughts on BTC Post by: BrewMaster on April 17, 2017, 04:04:44 PM I went out and bought some BTC, ETH and LTC if you think any altcoin deserves the same attention as bitcoin you make a big mistake and you will pay for it with a lot of money lost.be careful with eth in near future and in long term and then afterwards ltc in longterm Quote -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people not necessarily, bitcoin can only be used when we need what the decentralized currency offers us and price still goes up and it gets adopted. it certainly would be a lot better if we could do everything with it but it is not required for success. Quote - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. the "hoarders" are human just like you and me, they just saw the potential and instead of waiting around for a drop to low prices they took action and bought bitcoin.i myself hoarded a lot of bitcoin when it was about $400. it is not negative, it is an investment that i made and i will start spending the day i see mass adoption. and meanwhile i enjoy my wealth grow and spend small amounts (as i said above) when i want the benefits of bitcoin. but i agree with the price needing to stabilize and that happens only with more adoption. when whales dump to create panic, if people start buying cheap coins instead of joining in the spread will happen easy and cheap. Quote - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. it will all come down to usage. if bitcoin continues to grow in being usefull and get adopted like what we are seeing over in Japan, no matter how much whoever the fuck dumps, there will always be more buyers gladly buying their coins cheap and waving them goodbye as the price rises afterwards.Title: Re: A Noobs thoughts on BTC Post by: Mometaskers on April 17, 2017, 04:40:36 PM The price volatility is probably most people heard about and got into bitcoins anyway. Sure what attracted me. I don't think this is necessarily bad. If you are thinking of investing long-term in bitcoin they you can just hold, after all, you still have the same amount of bitcoin in your wallet anyway. The dumps are also the time when people manage to get coins. Sure there may be some coordinated movement to force them but small players also benefit. I'm no economist but I believe the price MIGHT stabilize as it become more widespread.
Title: Re: A Noobs thoughts on BTC Post by: QuestionAuthority on April 17, 2017, 04:40:39 PM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar. You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin. I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future. I went out and bought some BTC, ETH and LTC Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology? Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time. Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle. Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles. All "holders" are speculating but day traders/forex traders are creating the bubbles. The only way thes bubbles will resolve is from 3 things that need to happen: Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence. -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people Would help but can't guarantee no bubble. - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. Not in your lifetime. This would create a huge price instability, loss of public trust and then we circle back to square one. Just wanted to share my thoughts. I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose. Title: Re: A Noobs thoughts on BTC Post by: Kprawn on April 17, 2017, 04:57:51 PM A few years I had those same thoughts and concerns until I got to experience the pitfalls and the advantages of using this technology for myself.
The volatility is just a part of this technology and you quickly get use to that and then you start using that to your advantage. You have your pessimists with all new technologies, until they learn more about it. Mass adoption will eventually happen, when we have done the leg work to promote it properly and explain it to more people. ;D Title: Re: A Noobs thoughts on BTC Post by: Eebertay on April 17, 2017, 05:01:19 PM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar. You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin. I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future. I went out and bought some BTC, ETH and LTC Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology? Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time. Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle. Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles. All "holders" are speculating but day traders/forex traders are creating the bubbles. The only way thes bubbles will resolve is from 3 things that need to happen: Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence. -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people Would help but can't guarantee no bubble. - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. Not in your lifetime. This would create a huge price instability, loss of public trust and then we circle back to square one. Just wanted to share my thoughts. I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose. Not sure what you are gettin at, 2013 is when a great majority of people heard about bitcoin. Im not an idiot and understand it was around since 2009 but BTC did not enter the popular conversation till mainstream outlets wrote into it Also, i dont think you understand the fundamental concept of what a bubble is. Lots of speculation and not being used. Bitcoin and most other cryptos falls under this right now Title: Re: A Noobs thoughts on BTC Post by: Catmony on April 17, 2017, 05:01:59 PM -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people - Bitcoin is already being accepted by wide range of merchants and to get more adoption it will require more time. - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. - Price will be stable when marketcap will grow to over 100 billion, low marketcap is the only reason behind unstable price and easy manipulation. - Fiat currency will never disappear for sure, cryptocurrency can't replace fiat completely. Title: Re: A Noobs thoughts on BTC Post by: Pearls Before Swine on April 17, 2017, 05:03:17 PM You're right, however, bubbles and volatility is also a lot of what attracts investors to the market, especially whales with a lot of money to move back and forth. Day trading Bitcoin is almost a pastime for these people, and it is where the Bitcoin market gets a lot of its money from to keep the value high, assuming I understand the markets and big players correctly. Yes, and bitcoin is still *only* a 12 billion dollar market (or thereabouts), so I don't think many whales have jumped in the water yet, because them doing so would inflate bitcoin much higher. That's how I see it, anyway. But I agree, volatility and huge growth are good draws for investors/speculators, and more is, in this case, better. Stability is brought on by what you said, but I don't know if enough people are really interested in stability or them to want to move towards that yet. Title: Re: A Noobs thoughts on BTC Post by: QuestionAuthority on April 17, 2017, 05:14:43 PM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar. You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin. I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future. I went out and bought some BTC, ETH and LTC Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology? Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time. Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle. Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles. All "holders" are speculating but day traders/forex traders are creating the bubbles. The only way thes bubbles will resolve is from 3 things that need to happen: Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence. -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people Would help but can't guarantee no bubble. - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. Not in your lifetime. This would create a huge price instability, loss of public trust and then we circle back to square one. Just wanted to share my thoughts. I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose. Not sure what you are gettin at, 2013 is when a great majority of people heard about bitcoin. Im not an idiot and understand it was around since 2009 but BTC did not enter the popular conversation till mainstream outlets wrote into it Also, i dont think you understand the fundamental concept of what a bubble is. Lots of speculation and not being used. Bitcoin and most other cryptos falls under this right now The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map. You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron. Title: Re: A Noobs thoughts on BTC Post by: susila_bai on April 17, 2017, 06:29:28 PM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar. You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin. I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future. I went out and bought some BTC, ETH and LTC Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology? Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time. Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle. Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles. All "holders" are speculating but day traders/forex traders are creating the bubbles. The only way thes bubbles will resolve is from 3 things that need to happen: Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence. -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people Would help but can't guarantee no bubble. - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. Not in your lifetime. This would create a huge price instability, loss of public trust and then we circle back to square one. Just wanted to share my thoughts. I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose. Not sure what you are gettin at, 2013 is when a great majority of people heard about bitcoin. Im not an idiot and understand it was around since 2009 but BTC did not enter the popular conversation till mainstream outlets wrote into it Also, i dont think you understand the fundamental concept of what a bubble is. Lots of speculation and not being used. Bitcoin and most other cryptos falls under this right now The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map. You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron. What you said is correct about bitcoin and its features, Bitcoin has lot of potential and the main thing is bitcoin is very good as long term investment. Title: Re: A Noobs thoughts on BTC Post by: Arcteryx on April 17, 2017, 06:35:38 PM I started with ltc and then to btc to eth and now back to ltc.
:-\ It is a weird cycle but that is how I managed to start in the cryptocurrency world. And yes I did see it at $0.50 when it first started and thought it wouldn't last past a year. Now 7 years later I am thinking I should of been more open minded back in late 2009. :-[ Title: Re: A Noobs thoughts on BTC Post by: bitart on April 17, 2017, 07:09:43 PM The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map. You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron. According to the noobs, and to the majority of people. I will be happy if young people will share the cost of the beers after a Saturday night by just sending some BTC (OK, some satoshi) to each other via their web wallet on their smartphone, and they won't care about the technical background or about the future of BTC. If the form of the small payments could be a BTC wallet (and parallel a kind of commodity, to save value), it would mean that our work has been done well. Title: Re: A Noobs thoughts on BTC Post by: QuestionAuthority on April 17, 2017, 07:21:34 PM The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map. You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron. According to the noobs, and to the majority of people. I will be happy if young people will share the cost of the beers after a Saturday night by just sending some BTC (OK, some satoshi) to each other via their web wallet on their smartphone, and they won't care about the technical background or about the future of BTC. If the form of the small payments could be a BTC wallet (and parallel a kind of commodity, to save value), it would mean that our work has been done well. That day is coming. Just be patient. Bitcoin is very young for payment networks. Today it's enough that it performs as a trading commodity and an occasional currency. Eventually it will be a currency that is also traded like every other currency in the world is now. Title: Re: A Noobs thoughts on BTC Post by: Stedsm on April 17, 2017, 07:43:13 PM Quote -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people Bubbles? They don't seem bubble to me, because as the usage and number of users is getting increased day-by-day, so should the price to maintain the equilibrium. Quote - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. And why so? Price is already priced in, and has been stabilizing itself since we see no reasons for a fallacy or a jump upstairs. Distribution would get an increase in price, so why think that stabilization could attract more people? Don't you like free market which gives you an opportunity to sell an "asset" you hold, at your price? Quote - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. No need, because fiat is the only thing which gives Bitcoins a value currently, if it disappears, what will you exchange Bitcoins for? Wait, are you thinking that Bitcoins will take Gold's place and will work just like Gold did when once there was a time we had Kings and Queens? Title: Re: A Noobs thoughts on BTC Post by: lionheart78 on April 17, 2017, 08:00:11 PM A few years I had those same thoughts and concerns until I got to experience the pitfalls and the advantages of using this technology for myself. The volatility is just a part of this technology and you quickly get use to that and then you start using that to your advantage. You have your pessimists with all new technologies, until they learn more about it. Mass adoption will eventually happen, when we have done the leg work to promote it properly and explain it to more people. ;D Volatility is what makes Bitcoin exciting, removing it from the equation then it will get boring. At this current state, Bitcoin has not proven its scalability, if bitcoin price become stagnant, then probably it is the end for Bitcoin. The main reason why Bitcoin gets more popular everyday is because of its wild volatility, investors and traders saw that as an opportunity and I see it as a way to encourage people to hop in while the road for better Bitcoin is being laid. Title: Re: A Noobs thoughts on BTC Post by: Quantus on April 17, 2017, 08:21:55 PM Only invest in Bitcoin almost all the alt-coins are pump and dumb trash.
Title: Re: A Noobs thoughts on BTC Post by: zimmah on April 17, 2017, 08:52:04 PM Litecoin has always been useless, their whole premise is wrong "litecoin is silver to btcoins gold" the only reason you need silver, s because gold is very valueable and not easily divisible. Bitcoin is easily disable, so 'silver' isn't needed. Litecoin has shorter block times, but that's not really an advantage anyway. so litecoin will never get big, because it doesn't add anything new. ETH will stay big, because it offers value, but it's not a currency and therefore not a bitcoin replacement. bitcoin might stay big, if the blocksize debate gets solved soon enough. And if they can keep nnovating. Otherwise altcoins like dash will take over. Title: Re: A Noobs thoughts on BTC Post by: Kyraishi on April 17, 2017, 08:57:19 PM A few years I had those same thoughts and concerns until I got to experience the pitfalls and the advantages of using this technology for myself. The volatility is just a part of this technology and you quickly get use to that and then you start using that to your advantage. You have your pessimists with all new technologies, until they learn more about it. Mass adoption will eventually happen, when we have done the leg work to promote it properly and explain it to more people. ;D Volatility is what makes Bitcoin exciting, removing it from the equation then it will get boring. At this current state, Bitcoin has not proven its scalability, if bitcoin price become stagnant, then probably it is the end for Bitcoin. The main reason why Bitcoin gets more popular everyday is because of its wild volatility, investors and traders saw that as an opportunity and I see it as a way to encourage people to hop in while the road for better Bitcoin is being laid. The price of bitcoin is currently pretty stable, according to the history, however if you are looking for a long-term investment, then volatile assets are not the best option you can choose, it is better to go with stable, safer asset that will surely bring you profit, but the smaller gains, instead of unnecessary risk. It depends what exactly are you looking for in bitcoin, if you want it for trading purposes, then you have found a great place because the fluctuating price can give you dozens of opportunities to enter a trade. Title: Re: A Noobs thoughts on BTC Post by: bitcoindusts on April 17, 2017, 08:58:31 PM Litecoin has always been useless, their whole premise is wrong "litecoin is silver to btcoins gold" the only reason you need silver, s because gold is very valueable and not easily divisible. Bitcoin is easily disable, so 'silver' isn't needed. Litecoin has shorter block times, but that's not really an advantage anyway. so litecoin will never get big, because it doesn't add anything new. ETH will stay big, because it offers value, but it's not a currency and therefore not a bitcoin replacement. bitcoin might stay big, if the blocksize debate gets solved soon enough. And if they can keep nnovating. Otherwise altcoins like dash will take over. You got a point on LTC and ETH. Litecoins being silver is not needed since Bitcoin can be divided and further divided if the developer wants it and consensus has been agreed. ETH, I do not know but well it does not have any appeal to me. Maybe because of its history and its distribution system. Title: Re: A Noobs thoughts on BTC Post by: lionheart78 on April 17, 2017, 09:05:32 PM A few years I had those same thoughts and concerns until I got to experience the pitfalls and the advantages of using this technology for myself. The volatility is just a part of this technology and you quickly get use to that and then you start using that to your advantage. You have your pessimists with all new technologies, until they learn more about it. Mass adoption will eventually happen, when we have done the leg work to promote it properly and explain it to more people. ;D Volatility is what makes Bitcoin exciting, removing it from the equation then it will get boring. At this current state, Bitcoin has not proven its scalability, if bitcoin price become stagnant, then probably it is the end for Bitcoin. The main reason why Bitcoin gets more popular everyday is because of its wild volatility, investors and traders saw that as an opportunity and I see it as a way to encourage people to hop in while the road for better Bitcoin is being laid. The price of bitcoin is currently pretty stable, according to the history, however if you are looking for a long-term investment, then volatile assets are not the best option you can choose, it is better to go with stable, safer asset that will surely bring you profit, but the smaller gains, instead of unnecessary risk. It depends what exactly are you looking for in bitcoin, if you want it for trading purposes, then you have found a great place because the fluctuating price can give you dozens of opportunities to enter a trade. Definitely each on their own. I was stating that, if Bitcoin do not scale then, long term investment will be a failure. How can it be a financial instrument if it cannot scale? a store of value? I would rather have gold as store of value at least it has been proven for centuries :) than Bitcoin that miserably failed its purpose. (This is, if bitcoin failed to scale.) Title: Re: A Noobs thoughts on BTC Post by: Investforprofit on April 17, 2017, 09:09:09 PM I am sure that bitcoin will be in that time also a really good crzptocurrency because it is reallz hard to beat bitcoin now and It is impossible in short term to do It so bitcoin is best type of investment in coins.
Title: Re: A Noobs thoughts on BTC Post by: Victorycoin on April 17, 2017, 10:05:15 PM I don't look into the future as far as you do. To me the important is here and now (2-3 years) and I hope my investments will bring some profits in that period. I share your point of view, Bitcoin needs help and fast else it would end up a just a pioneer and light bearer for a more robust and well developed coin. To those projecting donkey years to wait out for explosion in price of Bitcoin, well good luck! A clue from Microsoft lunch a new version of their software every year, within few years, they became a force.20 years is a very long time for a technology and it will have to evolve to continue being used. I'm sure electronic payments are the future and cryptos are going to survive, but will it be Bitcoin? I doubt it. To me Bitcoin is a big truck that goes through all the mud and dirt to mark the way for new currencies that will follow. Title: Re: A Noobs thoughts on BTC Post by: aeternus on April 18, 2017, 02:21:19 AM Bitcoin does not need fiat to disappear to stabilize its price, the price of bitcoin is unstable because there are huge whales with huge stash that can manipulate the price at will the only way for that to change is the price to go up and for the whales to take the opportunity to get out of bitcoin .
Title: Re: A Noobs thoughts on BTC Post by: Hatuferu on April 18, 2017, 03:39:15 AM Bitcoin does not need fiat to disappear to stabilize its price, the price of bitcoin is unstable because there are huge whales with huge stash that can manipulate the price at will the only way for that to change is the price to go up and for the whales to take the opportunity to get out of bitcoin . We all need fiat to convert our bitcoin and that is why bitcoin will never replace the fiat system. Please be realistic, we are happywhen we see the value of bitcoin is increasing because it gives us the opportunity to cash out with a profit. Title: Re: A Noobs thoughts on BTC Post by: Sadlife on April 18, 2017, 03:59:45 AM When it comes to bubbles and votality Bitcoin is probably the best in the game
Bitcoin crypto currency has experienced countless ups and down. But still it survive and has been soaring up until now it may face many obstacles right now like Bitcoin scaling, chinese miner mafia. But im sure bitcoin will overcome it and will still continue to survive even after 10-20 years and many years to come. Long live Bitcoin! Title: Re: A Noobs thoughts on BTC Post by: xuan87 on April 18, 2017, 04:02:50 AM Fiat will never disappear, bitcoin can only act as sub currency and because it is decentralised then the price will never be stable, but we can get profit by this situation, the one that I agree is we need wider usage, we need a lot of user so bitcoin can develop further and we can't predict too far but for 2 or 3 years in front, I predict it's still profitable to invest in bitcoin
Title: Re: A Noobs thoughts on BTC Post by: Eebertay on April 18, 2017, 09:20:12 AM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar. You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin. I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future. I went out and bought some BTC, ETH and LTC Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology? Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time. Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle. Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles. All "holders" are speculating but day traders/forex traders are creating the bubbles. The only way thes bubbles will resolve is from 3 things that need to happen: Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence. -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people Would help but can't guarantee no bubble. - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. Not in your lifetime. This would create a huge price instability, loss of public trust and then we circle back to square one. Just wanted to share my thoughts. I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose. Not sure what you are gettin at, 2013 is when a great majority of people heard about bitcoin. Im not an idiot and understand it was around since 2009 but BTC did not enter the popular conversation till mainstream outlets wrote into it Also, i dont think you understand the fundamental concept of what a bubble is. Lots of speculation and not being used. Bitcoin and most other cryptos falls under this right now The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map. You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron. Sorry for the late reply. Busy with work etc to call bitcoin a commodity. I get it, maybe you heard someone say it was a commodity but BTC is not a commodity and i dont think you understand what a commodity is Title: Re: A Noobs thoughts on BTC Post by: Eebertay on April 18, 2017, 09:36:39 AM Bitcoin does not need fiat to disappear to stabilize its price, the price of bitcoin is unstable because there are huge whales with huge stash that can manipulate the price at will the only way for that to change is the price to go up and for the whales to take the opportunity to get out of bitcoin . This is my point exactly...how are these huge whales able to "manipulate the price"? It is because there are other currencies they can trade into, namely fiat. The whole currency ecosystem is a zero sum game. if you want to consider forex trading as an example, trillions of of dollars are traded every day on the forex exchange, yet the dollar moves fractions. This is because the wealth is spread about I mentioned in my initial post that people with high concentrations of wealth like satoshi nakamoto, chinese BTC farmers and others are an insane negative. Consider this scenario - the btc ecosystem reaches 1 trillion in market cap. To get to this point, we have great public awareness, merchant integration, and government acceptance. Now consider XyC bitcoin farmer in china decides to unload a considerable amount of btc for usd or satoshi nakamoto decides to unload his 1 million btc. Do you have any idea what this would do? It would basically wipe out all of the trust built up to that point and completely devastate the btc economy Title: Re: A Noobs thoughts on BTC Post by: krishnapramod on April 18, 2017, 11:23:26 AM Blockchain as a technology has a lot of potential, I mean there are so many ways in which this technology can be implemented, even banks have been experimenting on it. As far as BTC, ETH, or LTC is concerned no one could say what would happen to them in the next 10 or 20 years. I started using BTC in 2014, was ignorant about the basics, but got familiar with the term "bubble" and today I know a bit of the basics and still consider bitcoin as a bubble.
Japan has legalized bitcoins what about other countries, most of them consider it as Ponzi pyramid scheme, unstable, currency of the criminals, so do not expect bitcoin to garner a wider audience anytime soon. At least price is a bit stable now compared to huge fluctuations in BTC when it was between $200 to $400 Fiat is not going to disappear. When crypto users start using cryptos just not for the sake of speculation it might be able to coexist in a stable manner with Fiat . The problem is the crypto community is mainly centered around two things trading and gambling. What are the day to day things you can do with crypto compared to Fiat? This is where mass adoption fails, rather than concentrating on starting exchanges upon exchanges and gambling sites some effort should be put on making crypto available for everything that Fiat can do. I read some where that Satosh Nakamoto had said that his/her coins should be considered lost. Yeah, the rest of the elites are definitely pushing BTC to a centralized environment. Just hope that the next bubble burst would not be anytime soon. Title: Re: A Noobs thoughts on BTC Post by: BitcoinHodler on April 18, 2017, 12:49:31 PM ... Sorry for the late reply. Busy with work etc to call bitcoin a commodity. I get it, maybe you heard someone say it was a commodity but BTC is not a commodity and i dont think you understand what a commodity is i can not explain it in better English that the following two links: https://en.wikipedia.org/wiki/Commodity www.investopedia.com/terms/c/commodity.asp and in my opinion bitcoin doesn't have to be only one thing. it can be a commodity and a currency at the same time. many people call it commodity maybe because in US, the IRS has recognized bitcoin only as a commodity to tax it easier! but as we can see at the same time on the other side of the world in Japan they have recognized bitcoin as a currency. Title: Re: A Noobs thoughts on BTC Post by: jtipt on April 18, 2017, 01:10:50 PM Only invest in Bitcoin almost all the alt-coins are pump and dumb trash. Meh, Yeah more or less that is true. I have tried 3 alt coins so far i.e LTC ETH and XMR. Sold ETH and XMR as soon as I was making a profit over 50% (yeah i did hold them for some amount of time). Still, have my LTC its seems to go hand in hand with BTC, probably it is the only altcoin worth investing for long time. Title: Re: A Noobs thoughts on BTC Post by: QuestionAuthority on April 18, 2017, 02:36:37 PM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar. You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin. I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future. I went out and bought some BTC, ETH and LTC Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology? Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time. Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle. Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles. All "holders" are speculating but day traders/forex traders are creating the bubbles. The only way thes bubbles will resolve is from 3 things that need to happen: Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence. -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people Would help but can't guarantee no bubble. - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. Not in your lifetime. This would create a huge price instability, loss of public trust and then we circle back to square one. Just wanted to share my thoughts. I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose. Not sure what you are gettin at, 2013 is when a great majority of people heard about bitcoin. Im not an idiot and understand it was around since 2009 but BTC did not enter the popular conversation till mainstream outlets wrote into it Also, i dont think you understand the fundamental concept of what a bubble is. Lots of speculation and not being used. Bitcoin and most other cryptos falls under this right now The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map. You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron. Sorry for the late reply. Busy with work etc to call bitcoin a commodity. I get it, maybe you heard someone say it was a commodity but BTC is not a commodity and i dont think you understand what a commodity is Yes, I'm completely clueless. Quote Definition of commodity plural commodities 1 : an economic good: such as a : a product of agriculture or mining agricultural commodities like grain and corn b : an article of commerce especially when delivered for shipment reported the damaged commodities to officials c : a mass-produced unspecialized product, commodity chemicals, commodity memory chips 2 a : something useful or valued that valuable commodity, patience; also : thing, entity b : convenience, advantage … the many commodities incidental to the life of a public office … — Charles Lamb 3 obsolete : quantity, lot 4 : a good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors (as brand name) other than price 5 : one that is subject to ready exchange or exploitation within a market … stars as individuals and as commodities of the film industry. — Film Quarterly Source: https://www.merriam-webster.com/dictionary/commodity Quote Commodities Speculators The second type of commodities trader is the speculator. These are traders who trade in the commodities markets for the sole purpose of profiting from the volatile price movements. Theses traders never intend to make or take delivery of the actual commodity when the futures contract expires. Many of the futures markets are very liquid and have a high degree of daily range and volatility, making them very tempting markets for intraday traders. Many of the index futures are used by brokerages and portfolio managers to offset risk. Also, since commodities do not typically trade in tandem with equity and bond markets, some commodities can also be used effectively to diversify an investment portfolio. Source: http://www.investopedia.com/terms/c/commodity.asp Quote Commodities trade on an exchange whereas foreign exchanges are over-the-counter and traded through brokers or in the interbank market. By trading on an exchange, commodities have daily range limits. When these limits are exceeded, the markets are said to be limit up or limit down, and no trades can be placed. If you are a commodity trader on the wrong side of one of these limit moves, you basically are watching your account dissipate in front of you without the ability to act. Compromise: A trader looking for a compromise could trade commodity-based currencies. These currencies include the Australian dollar, the Canadian dollar, and the New Zealand dollar. Historically, the Australian dollar has a positive correlation (though the strength of the correlation varies over time) to the price of Spot Gold. The dairy reliant New Zealand economy has a similar positive correlation with whole milk powder prices. Lastly, the Canadian dollar has a positive correlation with the price of crude oil. Therefore, with the strong trends in oil in 2014 through 2016, the Canadian dollar has similarly seen strong moves. Another subset of the foreign exchange market is that of emerging market currencies. Emerging market currencies also reflect commodity growth and tend to have an inverse correlation with the US dollar. Commodity currencies also pay higher rollover then developed market currencies. Source: https://www.thebalance.com/forex-trading Title: Re: A Noobs thoughts on BTC Post by: webtricks on April 18, 2017, 02:48:07 PM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar. - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. This is something I can condemn completely. Volatility is the essence of Bitcoin and main reason why we are seeing huge attraction towards Bitcoin. Stabilizing the Bitcoin prices by any mean is like cutting the wings of bird because it was flying too above the ground and expecting that it will return back to home soon now !! :-\ Title: Re: A Noobs thoughts on BTC Post by: cellard on April 18, 2017, 02:52:37 PM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand.
The good news is, you can get rich by holding it, just like you hold gold. Bitcoin is gold 2.0, very undervalued, will go x100 in the next 10 years. In order for mainstream usage to happen, we need segwit, lightning networks so we get instant payments, and shops will probably insta convert to stable fiat. Fiat will never disappear as long as there are states and countries, but we dont need it to disappear to get insanely rich from holding BTC long term anyway. Title: Re: A Noobs thoughts on BTC Post by: Mumbeeptind1963 on April 18, 2017, 03:48:11 PM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar. I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future. I went out and bought some BTC, ETH and LTC Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time. Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles. The only way thes bubbles will resolve is from 3 things that need to happen: -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. This would create a huge price instability, loss of public trust and then we circle back to square one. Just wanted to share my thoughts. I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc bitcoin has no stable value yet it has the greates and highest value nowadays. I also have other alt coins as well, because when the other alt coin rises among my other alt coins I will convert to one another, I think I will have a good profit on it. Title: Re: A Noobs thoughts on BTC Post by: Victorycoin on April 18, 2017, 08:15:23 PM ... Sorry for the late reply. Busy with work etc to call bitcoin a commodity. I get it, maybe you heard someone say it was a commodity but BTC is not a commodity and i dont think you understand what a commodity is i can not explain it in better English that the following two links: https://en.wikipedia.org/wiki/Commodity www.investopedia.com/terms/c/commodity.asp and in my opinion bitcoin doesn't have to be only one thing. it can be a commodity and a currency at the same time. many people call it commodity maybe because in US, the IRS has recognized bitcoin only as a commodity to tax it easier! but as we can see at the same time on the other side of the world in Japan they have recognized bitcoin as a currency. Title: Re: A Noobs thoughts on BTC Post by: aeternus on April 24, 2017, 05:03:03 AM Bitcoin does not need fiat to disappear to stabilize its price, the price of bitcoin is unstable because there are huge whales with huge stash that can manipulate the price at will the only way for that to change is the price to go up and for the whales to take the opportunity to get out of bitcoin . We all need fiat to convert our bitcoin and that is why bitcoin will never replace the fiat system. Please be realistic, we are happywhen we see the value of bitcoin is increasing because it gives us the opportunity to cash out with a profit. Title: Re: A Noobs thoughts on BTC Post by: deisik on April 24, 2017, 05:10:21 AM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? Title: Re: A Noobs thoughts on BTC Post by: Amph on April 24, 2017, 05:51:01 AM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? i think he mean that regulation can increase adoption, we have a case in japan where regulation made adoption in japan far higher, this is also proven by the very high volume they have on exchange, the highest among all so in theory if all country do the same, we can have a better adoption that will lead to more stability, which make sense Title: Re: A Noobs thoughts on BTC Post by: dinofelis on April 24, 2017, 06:23:25 AM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? Indeed, a collectible can never be stable value money. So "regulated" probably means that one can change the emission scheme (the 21 million coins) by a centralized "miner" authority, and that one can also destroy coins. But this could also be established in another way, if a central authority lay its hands on, say 99.999% of the bitcoin supply, and only issued very very small quantities of it, it could still, with a given, fixed supply, regulate emission and hence offer, so that it meets demand at a given price. Title: Re: A Noobs thoughts on BTC Post by: deisik on April 24, 2017, 01:17:55 PM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? i think he mean that regulation can increase adoption, we have a case in japan where regulation made adoption in japan far higher, this is also proven by the very high volume they have on exchange, the highest among all so in theory if all country do the same, we can have a better adoption that will lead to more stability, which make sense Even if so, how increased adoption could make prices more stable? Okay, Japan seems to have legally accepted Bitcoin, say, on the same terms as the US dollar is accepted there (not as a legal tender, of course, but just like any other full-fledged currency). And we see the price sky-rocketing (due to increased adoption as per your reasoning), so how can it possibly contribute to more stable prices? I guess in reality we are going to see the direct opposite of that until the balance between volatility and price is found (but the latter should not be confused with price stability since this balance refers to volatility, not price as such) Title: Re: A Noobs thoughts on BTC Post by: Wesimon on April 24, 2017, 03:50:29 PM -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people I would agree for this one. Based from the law of demand and the law of supply, the more people demand for a product, the higher its value become and if the supply is few, also the value will go up. Same with the wide usage of bitcoin, if bitcoin is used by many people, they will demand more bitcoin to support their transactions in a daily basis and since bitcoin's supply is up to 21 million only, then bitcoin's value will soar upward. - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. Stabilizing bitcoin's price would mean constant demand and constant supply which is unlikely to happen. More and more people will use bitcoin and will hoard bitcoin for future purposes or for investment. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. This will never happen. Bitcoin will not surpass fiat and fiat will never disappear. Bitcoin will just probably be an alternative for fiat. The government trusts fiat more than bitcoin. Title: Re: A Noobs thoughts on BTC Post by: deisik on April 24, 2017, 07:11:29 PM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? Indeed, a collectible can never be stable value money. So "regulated" probably means that one can change the emission scheme (the 21 million coins) by a centralized "miner" authority, and that one can also destroy coins. But this could also be established in another way, if a central authority lay its hands on, say 99.999% of the bitcoin supply, and only issued very very small quantities of it, it could still, with a given, fixed supply, regulate emission and hence offer, so that it meets demand at a given price totally pointless But what's the purpose of that? Apart from that, I don't think that it is technically possible, you could control 99% of all coins issued but would you be able to control the price? Obviously, you won't be the only one selling as well as buying, so your efforts would be mostly in vain (even if there were some purpose in that). I guess it would be like dancing on the tip of a needle. You would have to not only control most coins but also places where coins can be traded as well as those who can buy and sell. In other words, that would be an exercise in futility totally pointless Title: Re: A Noobs thoughts on BTC Post by: dinofelis on April 25, 2017, 09:18:44 AM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? Indeed, a collectible can never be stable value money. So "regulated" probably means that one can change the emission scheme (the 21 million coins) by a centralized "miner" authority, and that one can also destroy coins. But this could also be established in another way, if a central authority lay its hands on, say 99.999% of the bitcoin supply, and only issued very very small quantities of it, it could still, with a given, fixed supply, regulate emission and hence offer, so that it meets demand at a given price totally pointless But what's the purpose of that? Keeping the price of the currency stable, or slightly decreasing (light inflation). "ideal money" for Nash, and "officially" implemented by, for instance, the Euro. In fact, slight pre-known inflation or deflation don't really matter, because they can be calculated in price settings that project into the future. Quote Apart from that, I don't think that it is technically possible, you could control 99% of all coins issued but would you be able to control the price? Of course, by putting more of it on the market, or by buying it back, just like the FED does. If you have 99.99% of the stock, it is as if you had, as compared to the market, an infinite stock of it, so that you could "print" as much as you'd like. In other words, you totally master the offer. Note that 99% by itself is not going to last very long, but 99.99 % or even better, 99.99999% does. You need to be able to, say, triple or divide by 3 the monetary mass available in the market: then you can set the price at the level where you want it (say, a slightly decreasing curve, or a constant price as compared to a basket of "value"). Title: Re: A Noobs thoughts on BTC Post by: TastyChillySauce00 on April 25, 2017, 09:31:34 AM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? i think he mean that regulation can increase adoption, we have a case in japan where regulation made adoption in japan far higher, this is also proven by the very high volume they have on exchange, the highest among all so in theory if all country do the same, we can have a better adoption that will lead to more stability, which make sense Title: Re: A Noobs thoughts on BTC Post by: jak3 on April 25, 2017, 09:55:05 AM you just remind me of mtgox back at 2011, that time people are rapidly joining the bitcoin network and everyone know the reason they all want to join and grow their money with mtgox exchange. although I never thought about trading so I never tried it but was really surprised when it got crashed and closed. those where really some dooms day that just crashed the price from 900$ to 200$ maximum people lost their money and hence because a historical day. I believe no other scenario can replace the damage made by mtgox
Title: Re: A Noobs thoughts on BTC Post by: mackenzied on April 25, 2017, 10:04:02 AM you just remind me of mtgox back at 2011, that time people are rapidly joining the bitcoin network and everyone know the reason they all want to join and grow their money with mtgox exchange. although I never thought about trading so I never tried it but was really surprised when it got crashed and closed. those where really some dooms day that just crashed the price from 900$ to 200$ maximum people lost their money and hence because a historical day. I believe no other scenario can replace the damage made by mtgox It is a lesson to remind all of us, never believe in the same things. The risk is always there if we are not careful. Title: Re: A Noobs thoughts on BTC Post by: deisik on April 25, 2017, 12:29:40 PM Of course, by putting more of it on the market, or by buying it back, just like the FED does. If you have 99.99% of the stock, it is as if you had, as compared to the market, an infinite stock of it, so that you could "print" as much as you'd like. In other words, you totally master the offer. Note that 99% by itself is not going to last very long, but 99.99 % or even better, 99.99999% does. You need to be able to, say, triple or divide by 3 the monetary mass available in the market: then you can set the price at the level where you want it (say, a slightly decreasing curve, or a constant price as compared to a basket of "value") You are obviously thinking in fiat terms But Bitcoin is not fiat, primarily because of two things. First, unlike fiat, you can't force people to use Bitcoin. You can pay with fiat the salaries of government employees and demand taxes be paid with the national currency. Bitcoin is nowhere near that. Second, the number of bitcoins is limited, so buying 99.(9)% of bitcoins is meaningless since no one will be interested in bitcoins any more after you buy up most coins (see first), and you will end up keeping useless coins with prices near 0. In short, your theory is not very credible overall and will likely fail miserably in practice (if you don't mean keeping prices constant at the floor level, of course) Title: Re: A Noobs thoughts on BTC Post by: Victorycoin on April 25, 2017, 04:44:44 PM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? i think he mean that regulation can increase adoption, we have a case in japan where regulation made adoption in japan far higher, this is also proven by the very high volume they have on exchange, the highest among all so in theory if all country do the same, we can have a better adoption that will lead to more stability, which make sense That beings us to the fact that regulation can mean many things depending on what those behind it are aiming to accomplish. By and large it is against the spirit of Bitcoin. Title: Re: A Noobs thoughts on BTC Post by: Etanllah on April 25, 2017, 06:50:51 PM I went out and bought some BTC, ETH and LTC if you think any altcoin deserves the same attention as bitcoin you make a big mistake and you will pay for it with a lot of money lost.be careful with eth in near future and in long term and then afterwards ltc in longterm While I agree that Bitcoin is still the top dog by a long shot, I don't think its a bad idea to own some altcoins. I can guarantee you there are many people that have made a lot of money in a short time period on altcoins. Then you can turn around and sell the altcoin for more BTC. But also be aware that a lot of people have lost a shit ton of money in altcoins. Title: Re: A Noobs thoughts on BTC Post by: ImHash on April 25, 2017, 07:08:44 PM Anyone selling large amounts of bitcoin is literally doing the community a favor and helping a more fair distribution of it, if you want a stable market then go open a central bank in which you are able to control the market and have a stable price.
As difficulty increases the price naturally will go up and the only reason why we're not in $1500 range price is because the uncertainty caused by BU and the possibility of a hard fork. Fiat doesn't need to go any where and we're good as long as people willing to pay fiat in exchange for bitcoin for now. Bitcoin is not a replacement nor an alternative for fiat but just a new kind of currency which could be obtained in a decentralized manner. If you want ETH and LTC then go start mining them while it's much easier than bitcoin mining. Title: Re: A Noobs thoughts on BTC Post by: cjmoles on April 26, 2017, 12:12:40 AM Well, digital currencies are the future. That's something that we can all bank on. The big question is what form will that digital currency evolve into along the way. Bitcoin has its problems but I believe that its strength lies in the confidence it has gained from the community, and as long as the community continues to support the network, bitcoin will thrive. If there is dissension among the ranks in the community, then confidence in bitcoin will suffer. If confidence in the bitcoin protocol suffers, the future's predominate digital currency may take the form of one of the other alternative chains....just saying.
Title: Re: A Noobs thoughts on BTC Post by: Yanisumin on April 26, 2017, 12:30:07 AM Well I think the beginners think that Bitcoin is a path to success, even me think that in the first time I've heard about Bitcoin. Well I can't blame them, but there is more than to that. We're battling about the futures future money, where money is the way of exchange of people, cryptography, altcoins, tradings complexity can't be understand by noobs easily. People need to learn more about BTC and cryptocurrencies. When many people learn this field, the world will be open more to cryptocurrencies and the potential of bitcoin will increase resulting to force the central banks to regulate it ( well some central banks are open now in regulating BTC ).
Title: Re: A Noobs thoughts on BTC Post by: deisik on April 26, 2017, 09:19:12 AM As difficulty increases the price naturally will go up and the only reason why we're not in $1500 range price is because the uncertainty caused by BU and the possibility of a hard fork I'm curious what makes you think so That is, why should the price necessarily go up (and naturally at that) with difficulty increasing? After all, the price of Bitcoin is still determined by the law of supply and demand, but supply remains the same since the last halving and till the next. The same 12.5 bitcoins are mined every 10 minutes, so the supply side of the price balance simply cannot be affected by the mining difficulty. And still less it can impact demand. In most cases people who buy bitcoins don't care about the difficulty when they purchase coins If you want ETH and LTC then go start mining them while it's much easier than bitcoin mining. I don't think that ETH and LTC mining is available to ordinary people with just videocards in any profitable manner Title: Re: A Noobs thoughts on BTC Post by: iamTom123 on April 26, 2017, 09:37:47 AM There are many things that we can get excited about with Bitcoin and cryptocurrency in general. However, there are also many ways we can get skeptical. Maybe because Bitcoin can not solve all of our financial problems on the global scale. It is not the messiah we have been waiting for to save the world. It is just another innovative man-made tool that can in a way revolutionize the way we look at money in conjunction with the digital age that we are already in. But it is not the kind of thing that can bring us to utopia. In fact, the current debate on how to fork Bitcoin is exposing the reality that we are still humans after all and that we are bringing many weaknesses into the table of cryptocurrency.
Title: Re: A Noobs thoughts on BTC Post by: CuriousGeorge on April 26, 2017, 09:38:49 AM you just remind me of mtgox back at 2011, that time people are rapidly joining the bitcoin network and everyone know the reason they all want to join and grow their money with mtgox exchange. although I never thought about trading so I never tried it but was really surprised when it got crashed and closed. those where really some dooms day that just crashed the price from 900$ to 200$ maximum people lost their money and hence because a historical day. I believe no other scenario can replace the damage made by mtgox It is a lesson to remind all of us, never believe in the same things. The risk is always there if we are not careful. Title: Re: A Noobs thoughts on BTC Post by: beerlover on April 26, 2017, 02:13:32 PM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? Indeed, a collectible can never be stable value money. So "regulated" probably means that one can change the emission scheme (the 21 million coins) by a centralized "miner" authority, and that one can also destroy coins. But this could also be established in another way, if a central authority lay its hands on, say 99.999% of the bitcoin supply, and only issued very very small quantities of it, it could still, with a given, fixed supply, regulate emission and hence offer, so that it meets demand at a given price totally pointless But what's the purpose of that? Apart from that, I don't think that it is technically possible, you could control 99% of all coins issued but would you be able to control the price? Obviously, you won't be the only one selling as well as buying, so your efforts would be mostly in vain (even if there were some purpose in that). I guess it would be like dancing on the tip of a needle. You would have to not only control most coins but also places where coins can be traded as well as those who can buy and sell. In other words, that would be an exercise in futility totally pointless Title: Re: A Noobs thoughts on BTC Post by: carlfebz2 on April 26, 2017, 02:33:57 PM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? Indeed, a collectible can never be stable value money. So "regulated" probably means that one can change the emission scheme (the 21 million coins) by a centralized "miner" authority, and that one can also destroy coins. But this could also be established in another way, if a central authority lay its hands on, say 99.999% of the bitcoin supply, and only issued very very small quantities of it, it could still, with a given, fixed supply, regulate emission and hence offer, so that it meets demand at a given price totally pointless But what's the purpose of that? Apart from that, I don't think that it is technically possible, you could control 99% of all coins issued but would you be able to control the price? Obviously, you won't be the only one selling as well as buying, so your efforts would be mostly in vain (even if there were some purpose in that). I guess it would be like dancing on the tip of a needle. You would have to not only control most coins but also places where coins can be traded as well as those who can buy and sell. In other words, that would be an exercise in futility totally pointless Title: Re: A Noobs thoughts on BTC Post by: bitart on April 26, 2017, 07:37:15 PM you just remind me of mtgox back at 2011, that time people are rapidly joining the bitcoin network and everyone know the reason they all want to join and grow their money with mtgox exchange. although I never thought about trading so I never tried it but was really surprised when it got crashed and closed. those where really some dooms day that just crashed the price from 900$ to 200$ maximum people lost their money and hence because a historical day. I believe no other scenario can replace the damage made by mtgox It is a lesson to remind all of us, never believe in the same things. The risk is always there if we are not careful. Title: Re: A Noobs thoughts on BTC Post by: deisik on April 27, 2017, 06:59:00 AM Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand Could you explain how regulation will make Bitcoin more stable? After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that? Indeed, a collectible can never be stable value money. So "regulated" probably means that one can change the emission scheme (the 21 million coins) by a centralized "miner" authority, and that one can also destroy coins. But this could also be established in another way, if a central authority lay its hands on, say 99.999% of the bitcoin supply, and only issued very very small quantities of it, it could still, with a given, fixed supply, regulate emission and hence offer, so that it meets demand at a given price totally pointless But what's the purpose of that? Apart from that, I don't think that it is technically possible, you could control 99% of all coins issued but would you be able to control the price? Obviously, you won't be the only one selling as well as buying, so your efforts would be mostly in vain (even if there were some purpose in that). I guess it would be like dancing on the tip of a needle. You would have to not only control most coins but also places where coins can be traded as well as those who can buy and sell. In other words, that would be an exercise in futility totally pointless No one has most of the coins It is known that Satoshi has about 1M bitcoins in his early wallets but it is not even known whether he is still alive and if these coins will ever get moved. Apart from that, I think there are not many people who continue to keep thousands of bitcoins. Maybe, these are the Winklewii bros and a few other guys like Vermin and Jihad, but they are only threatening to dump their stashes. But we all know that a barking dog never bites Title: Re: A Noobs thoughts on BTC Post by: dinofelis on April 27, 2017, 07:10:30 AM Apart from that, I think there are not many people who continue to keep thousands of bitcoins. Maybe, these are the Winklewii bros and a few other guys like Vermin and Jihad, but they are only threatening to dump their stashes. But we all know that a barking dog never bites Well, there's apparently M-PEX or what is his name, too which is not very far from a million coins either. So we are already at about 30% - 40% of the coins in the hands of just a few people. When people shout about the DASH scam, in fact, bitcoin is not better distributed. Title: Re: A Noobs thoughts on BTC Post by: deisik on April 27, 2017, 03:39:43 PM Apart from that, I think there are not many people who continue to keep thousands of bitcoins. Maybe, these are the Winklewii bros and a few other guys like Vermin and Jihad, but they are only threatening to dump their stashes. But we all know that a barking dog never bites Well, there's apparently M-PEX or what is his name, too which is not very far from a million coins either. So we are already at about 30% - 40% of the coins in the hands of just a few people. When people shout about the DASH scam, in fact, bitcoin is not better distributed That's what I'm talking about We have a few "superrich" in Bitcoin terms (gigantic cryptowhales) and the rest of the pack are just small fish with a few bitcoins at max. But this is good for trading since they can easily bring the price down if they decide to liquidate their stash (or some part thereof), and that would quickly lead to more balanced distribution. Though I don't think that they will be selling their coins in the open market (unless they sell really small amount to provide for their daily expenses) but selling off market will be just moving coins from one pocket to another and won't affect the prices Title: Re: A Noobs thoughts on BTC Post by: cafucafucafu on April 27, 2017, 03:53:21 PM There are many things that we can get excited about with Bitcoin and cryptocurrency in general. However, there are also many ways we can get skeptical. Maybe because Bitcoin can not solve all of our financial problems on the global scale. It is not the messiah we have been waiting for to save the world. It is just another innovative man-made tool that can in a way revolutionize the way we look at money in conjunction with the digital age that we are already in. But it is not the kind of thing that can bring us to utopia. In fact, the current debate on how to fork Bitcoin is exposing the reality that we are still humans after all and that we are bringing many weaknesses into the table of cryptocurrency. Thats true, many people are way too much encouraged by all these endless threads about how bitcoin will "conquer the world" and "become national currency" etc.But they simply forget that even when the price is really high (1300$ right now!) we are still having many issues, which has not been solved yet. We have currently 42,5% support from miners to Bitcoin Unlimited and 33.8% for Segwit, but you need to remember that we need 95% to activate the SegWit. And the problem about high mining fees and long confirmations is still present. We need to make up a conclusion to start thinking about something more. Title: Re: A Noobs thoughts on BTC Post by: moviebuff777 on April 27, 2017, 04:02:41 PM So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar. I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future. I went out and bought some BTC, ETH and LTC Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time. Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles. The only way thes bubbles will resolve is from 3 things that need to happen: -wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people - price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below. - fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars. This would create a huge price instability, loss of public trust and then we circle back to square one. Just wanted to share my thoughts. I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc I think bitcoin won't be spent much in the future because of the high value and high fees (by then). I think an altcoin will become more used for small purchases because it will be less scarce and cheaper. Title: Re: A Noobs thoughts on BTC Post by: majeed on April 27, 2017, 04:19:55 PM I think bitcoin won't be spent much in the future because of the high value and high fees (by then). I think an altcoin will become more used for small purchases because it will be less scarce and cheaper. Title: Re: A Noobs thoughts on BTC Post by: hankyulpark on April 27, 2017, 04:25:12 PM Bubbles and volatility are inherent to all economic models in their early stages, especially when some disruptive concept is involved. That doesn't mean that the previous model needs to be extinct (like TV didn't kill the radio) to the new one be successful or to become the larger one.
Title: Re: A Noobs thoughts on BTC Post by: Ayers on April 27, 2017, 04:31:38 PM Anyone selling large amounts of bitcoin is literally doing the community a favor and helping a more fair distribution of it, if you want a stable market then go open a central bank in which you are able to control the market and have a stable price. As difficulty increases the price naturally will go up and the only reason why we're not in $1500 range price is because the uncertainty caused by BU and the possibility of a hard fork. Fiat doesn't need to go any where and we're good as long as people willing to pay fiat in exchange for bitcoin for now. Bitcoin is not a replacement nor an alternative for fiat but just a new kind of currency which could be obtained in a decentralized manner. If you want ETH and LTC then go start mining them while it's much easier than bitcoin mining. man you are confusing the two thing, difficulty go up when the price increase, the difficulty always follow the price, if it was like you said the mining would be unprofitable, because there will be no guaranteed that the price will increase after the diff increase, recently the diff increased again because the value went up this prove the theory |